CapitaLand to raise $1b for discretionary real estate debt fund

It will invest in USD-denominated instruments for real estate in China.

CapitaLand announced the first closing of CREDO I China, its first discretionary real estate debt fund, with a target capital raise of $1b(US$750m).

The company raised over 70% of the capital or US$556m for CREDO I, with subsequent commitments from major institutional investors expected later this year.

The fund will invest in offshore US dollar-denominated subordinated instruments for real estate in China’s first and second tier cities, the firm said. It will focus on loans and securities of high-quality real estate covering commercial, retail, residential, logistics and industrial properties.

The company will also hold a 10% stake in the fund and is set to be one of China’s largest real estate debt funds.

“CREDO I China will broaden CapitaLand’s fund offerings to real estate debts, going beyond our existing 15 private equity funds, which focus primarily on direct investment in property projects,” Lee Chee Koon, CapitaLand’s president & group CEO, said.

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